Oil Market Stabilization Talks Possible at Doha Forum - Russian Energy Minister

The Russian Ministry of Energy does not rule out the possibility of discussions of measures to stabilize the global oil market on the sidelines of the November 17 Gas Exporting Countries Forum (GECF) in Doha, Russian Energy Minister Alexander Novak said on Saturday.

YAROSLAVL (Sputnik) — On September 28, the OPEC member states reached an agreement on the sidelines of an international energy forum in Algeria to set a production ceiling of 32.5-33 million barrels per day.

"Quite a large number of OPEC and non-OPEC countries are involved in the GECF, so we will have the opportunity to speak on this subject, because usually those who produce oil, also produce gas. Therefore, they are in general the same countries," Novak told reporters.

"If there will be ministers there, then, of course, we will hold bilateral meetings," the minister added.

The OPEC countries are set to finalize the agreement on oil output freeze at the OPEC summit in Vienna on November 30. The move has been driven by plunging oil prices and an oversupply in the global energy market.